And I would, you know, we can separate the US and Europe as well in the bond market, but what is your take here?

Well, what's fascinating is you've got the move index that's above 100, and that's just surged over the last two days, and you've got the VIX at like 50.

So like, I find that divergence just incredible.

You say the bond market's smart money, equities is dumb money, but like the dumb money continues to make money.

And I think it's gonna probably be another strong earnings for equities.

But PE ratios are actually declining.

I saw NVIDIA's making new lows, the S&P 500 on an aggregate basis, the PE ratios are low.

I'll let you go because I have a question about the FX also.

But if you're like very, very deep into it and you're talking with other people about it, I think what people find difficult is that it's just going way, way slower than we would want or think is logical or rational.

I think everything's going at an exponential and we can't really comprehend how quickly everything's moving.

I was speaking to a Bitcoin OG this week.

He sold a large portion of his Bitcoin to front run and get into the AI trade.

And he then has kind of bought back his Bitcoin.

And then I asked him if there was one, he's a super AI nerd geek, like on the front line of agents and everything.

And I was like, if there was one asset you could hold for the duration of your life, what would it be? It was Bitcoin.

Yeah.

What are you seeing out there? And what is your, what's your opinion here?

My opinion is, I did a timeline on this of all his decisions that he's made over the past few months.

And largely he's got a lot of things right.

But over the course of the past few months, he's got a lot of things wrong.

I actually interviewed him at his house in Miami in May.

And that was just before the drawdown happened.

That was before he announced the convertible bond buyback of one and a half billion.

I was going to